Pursuant to Section 40-60-330(B)(11) of the appraisal management company act a South Carolina appraisal management company bond is required from all licensees. Per the Act, "Appraisal management company" means an external third party, in connection with valuing properties, collateralizing mortgage loans, or incorporating mortgages into a securitization. The third party must be authorized either by a creditor of a consumer credit transaction secured by a consumer's principal dwelling or by an underwriter or by other principal in the secondary mortgage markets that oversees a network or panel of more than fifteen certified or licensed appraisers in a state or twenty-five or more nationally within a given year.
The South Carolina appraisal management company bond must run to the Real Estate Appraisers Board. The surety bond must be issued in the amount of twenty five thousand dollars ($25,000). The obligation guarantees that the licensee will comply with the Act, regulations and procedures of the South Carolina Real Estate Appraisers Board. The state regulator provides the following helpful forms for licensees.
South Carolina surety bond leader, Surety One, Inc. is a specialist in the bonding needs of the appraisal profession. We offer both surety and fidelity bonds needed by AMCs in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or click here to enter our live chat window for a South Carolina appraisal management company bond application or information on ANY surety bonding need.
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